How to Get an Unsecured Personal Loan:
For those looking to make a large purchase in the near future, bring together various debt accounts into one, or simply looking to have a safety net for an emergency, having the ability to get an unsecured personal loan might not be such a bad thing.
In this article, we want to take a look at:
1. What types of unsecured loans there are on the market.
2. What you will need in order to obtain an unsecured loan.
3. Ideas on where to get the best loan rates.
In this manner, we hope to fully prepare you in order to get the personal loan that you want.
What Types of Unsecured Loans are Out There?
There are a couple of different places from which you can get an unsecured loan. The most obvious option is a credit card. Credit cards are completely non-collateralized unsecured loans.
The next kind of unsecured loan that you can get is an installment loan from a peer-to-peer lending sites like Lending Club or LendingTree. On these kinds of sites, other people offer to give you an unsecured loan on the basis that you will pay them back with interest.
Of course, banks are usually the option that most people think of the most when it comes to getting any kind of loan, and it is true that you can obtain an unsecured loan from a bank as well as a secured loan.
Finally, Payday Loans or Insta-cash loans, as some people call them nowadays, are also a form of unsecured loan as well, but we highly advise all readers to stay away from these kinds of lenders, because they tend to charge absolutely ridiculous lending rates and they will become an absolute thorn in your side if you don't pay them back almost immediately according to the terms of the loan.
What Do I Need to Get the Loan I Want?
In order to get the unsecured loan that you want or need, you will need to have a couple of things:
1. A valid state driver's license or state identification card.
2. Proof that you are staying at your home residence that you list (i.e. utility bill)
3. A social security number
4. Other basic personal information (birthdate, home address, phone number, etc.)
After furnishing this information to the loan provider, they will notify you that they are about to run a hard pull credit check to verify that you have good enough credit to get the loan that you want.
As always, you will want to have the best credit score possible when this check is run, as this will directly affect either how much credit you are lent and/or how high the interest rate will be.
What Does Unsecured Mean?
First, let's define what we mean when we say that the loan is "unsecured". By unsecured, we mean any loan that does not require any collateral to be obtained. For example, if you were to go get a "secured" loan at the bank, this means that you would have to attach a savings account or a certificate of deposit, amongst other choices, to the loan amount as verity that you would be able to pay back the loan. With an unsecured loan, you don't have to put up anything to get the money that you need.
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